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ArcelorMittal was created by the takeover of Western European steel maker Arcelor (Spain, France, and Luxembourg) by Indian-owned multinational steel maker Mittal Steel in 2006, at a cost of €40.37 per share, approximately $33 billion total.
The company stated that this move will impact approximately 3,500 direct and indirect jobs, with an even larger economic impact o ArcelorMittal South Africa To Cut 3,500 Jobs Amid Economic ...
The objectives of establishing the company were to produce iron and a range of steel products, and to create employment opportunities. Production at the Pretoria plant started in 1934. [4]: 101 On 4 April 1934 the first steel was tapped from the open-hearth furnace at the Pretoria Works. Wartime needs for steel and the local manufacture of ...
Lakshmi Mittal became the president and Arcelor chairman Joseph Kinsch was appointed chairman of the new company until his retirement. [3] [4] Arcelor's merger with Mittal created the worldwide leader in the steel industry, increasing its bargaining power with suppliers and consumers. Mittal Steel agreed to pay €40.37 a share to Arcelor ...
On April 5, 2005, ISG completed a merger with Mittal Steel. In 2006, Mittal Steel completed a further merger with Arcelor, forming a new company known as ArcelorMittal. In December 2020, ArcelorMittal sold its U.S. holdings to Ohio-based Cleveland-Cliffs Inc. making it a subsidiary of the Cleveland-Cliffs organization.
The clock is ticking on government approval for the U.S. Steel-Nippon Steel merger, and whether short-term political buffoonery will win out over inexorable economic logic. My money is on buffoonery.
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